MarkaVIP Announces $5 Million in Funding From Lumia Capital and Invus
Amman-based private online sales club MarkaVIP has announced $5 million in investment led by Lumia Capital with participation from NYC-based Invus Financial Advisors.
The site, which was founded by CEO Ahmed Alkhatib and CTO Amer Abulaila in November 2010, offers flash sales similar to popular U.S. site Gilt, throughout the GCC, Jordan, and Lebanon. It has boasted steadily climbing revenues since its launch in November 2010, according to sources, and TechCrunch reports that it has attracted 700,000 registered users to date, with up to 5,000 more joining per day. The site
This round of series A funding follows investment earlier this year from former Yahoo VP Usama Fayyad and former Jordanian Ambassador to the US ambassador Karim Kawar, along with Hummingbird Ventures and Turkish serial entrepreneur Çağlar Erol.
The capital will be used to boost sales and marketing efforts and to support regional expansion throughout the Gulf Cooperation Council (GCC), also according to TechCrunch.